Indian government answers questions about Bitcoin transactions, carnataka fraud, legality of crypto trade-regulation
Indian government answers questions about Bitcoin transactions, carnataka fraud, legality of crypto trade-regulation
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The Indian government has answered three questions of questions about Bitcoin transactions, the top-class Bitcoin fraud in Karnataka and the legality of the cryptocurrency trade and crypto exchange in India. In the meantime, the winter meeting of Parliament has started and it is expected that a crypto law will be passed during this session.
Indian government answers questions about Bitcoin transactions
On Monday, the Indian Ministry of Finance in Lok Sabha, the House of Indian Parliament, answered three questionnaires for Bitcoin and cryptocurrency trade.
The first question of question (star question No. 12) with the title "Bitcoin transactions" asks finance minister Nirmala Sitharaman, "whether the government is aware that Bitcoin transactions in India have been in tacit way in recent years." The finance minister replied:
The government does not collect any data about Bitcoin transactions.
Finance Minister Sitharaman was asked "whether the government has a proposal to recognize Bitcoin as a currency in the country". She just replied: "No, sir."
Questions about Bitcoin fraud in Karnataka
The second question complex (Untarred Question No. 196) refers to the top -class "Bitcoin Scam in Karnataka", which recently found strong media reporting. The case was even brought up by Karnataka's Prime Minister Basavaraj Bommai during his meeting with Prime Minister Narendra Modi.
The finance minister was asked about the fraud and details of the investigation and the measures initiated.
The Minister of State in the Ministry of Finance, Shri Pankaj Chaudhary, replied: "Publicly accessible information suggests that a case of cybercrime in connection with Bitcoin was examined by the Karnataka police ... However, a case was also registered by the Bangalore Zonal Unit. Interest. "
Questions about the legality of the cryptocurrency trade and crypto exchange in India
The third question complex (Untarred Question No. 173) with the title "Cryptocurrency" asks the finance minister "whether the government is known to the cryptocurrencies that are traded in India". Minister Chaudhary replied:
The government does not collect information about the trade in cryptocurrencies.
The finance minister was also asked whether the trade in cryptocurrencies in India is allowed and whether crypto bonds in the country are legal entities. In addition, she was asked to describe all laws that apply to cryptocurrency and crypto exchanges in detail.
Minister Chaudhary replied: "Cryptocurrencies are not regulated in India. RBI [The Reserve Bank of India] in his circular dated May 31, 2021, has advised its regulated companies to continue to do so-base processes for customers on the standards for Know your Customer (KYC), anti-money laundering (AML) To carry out terrorism financing (CFT) and the obligations of regulated companies in accordance with the Prevention of Money Lundering Act (PMLA), 2002, in addition to ensuring compliance with the relevant provisions of the Foreign Exchange Management Act (FEMA) for foreign transfers. ”
winter meeting of the parliament
beginsThe winter session of Parliament started on Monday. A cryptocurrency bill is listed in this session. However, the bill is not on the agenda for Monday or Tuesday.
"The Cryptocurrency and Regulation of Official Digital Currency Bill 2021" aims to "prohibit all private cryptocurrencies in India, but allows certain exceptions to promote the underlying technology of cryptocurrency and its use", according to the legislative agenda for the winter session of Lok Sabha.
The draft law also offers "a relieving framework for the creation of the official digital currency, which is issued by the Reserve Bank of India". The RBI previously said that it is working on a digital rupie that she plans Start in phase .
The Indian government has not made the content of the crypto law public, which led to the fact that A lot speculate about whether the government ban cryptocurrencies such as Bitcoin and ether or create a regulatory framework for it.
What do you think of the answers of the Indian government? Let us know in the comment area below.
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